Trading
Cahill in hot seat over FCA statements
Former HSBC trader admits he would have given a different answer to the FCA if the question had been more specific
Cairn treasurer denies knowing HSBC would pre-hedge order
Yet neither the corporate nor its adviser instructed the bank how to deal with the $3.5 billion order
Fed fines HSBC $175m for unsafe FX practices
Bank ordered to improve practices
Deutsche settles FX rigging case for $190m
Credit Suisse now the only holdout defendant in the case that involves 16 major banks
Euro appreciation to slow, says BMO Capital Markets
Canadian bank sees dips in EUR/USD as buying opportunities, given US dollar is in medium-term downtrend
Pre-hedging debate at centre of Johnson trial
For some, pre-hedging is common practice; for others, it is synonymous with front-running – a jury will need to decide
ACI joins voices calling for changes to Principle 17
ACI finds “no firm evidence or specific situations” where there is any likely benefit to clients from trading in the last look window
Johnson trial to resume on Monday
Judge falls ill, trial to continue on Monday; on Wednesday, Dipak Khot, testifying for the prosecution, underwent six hours of questioning
Northern Trust: algos give power to clients
The release of an FX algorithm suite in June ushered in a new era for the custody giant
FMSB warns of Ficc market vulnerabilities
In its annual report, the body representing the global Ficc market, highlighted areas of concern still needing attention
Johnson’s lawyer brands trial a ‘governmental mistake’
On the tense first day of Mark Johnson’s trial, the prosecution claims he saw dollar signs
Disappointment with Trump continues to harm dollar – CIBC
EUR/USD is expected to trade at $1.20 by year-end and hit $1.23 in Q3 2018
RBC Capital Markets partners BestX for TCA
The Canadian bank is the latest FX dealer to sign up for the transaction cost analysis service
StanChart sees some EM weakness next year
Concerns remain over the political situation in Brazil
US super-regionals step up FX game
Citizens Bank and SunTrust Bank have been expanding and investing more in their FX platforms and talent
TradAir upgrades full-amount functionality
Changes will provide direct relationship-based liquidity to clients and optimise the execution between sweepable and full amount liquidity
Expensive dollar to remain on the back foot – UBS
Whereas the euro is fundamentally cheap and will remain strong for the foreseeable future
Former RBS staffers Barnes and Richardson launch FX consultancy
Mark Barnes and Jason Richardson set up FX Xperts, focusing on front-office services in EMFX
G10 FX revenues sink to lowest since 2006 – Coalition
Revenues in H1 2017 fell to their lowest level since Coalition launched its Investment Banking Index in 2006
Nippon Life gains third-party access to CLS
The life insurer is the first non-bank financial institution to settle FX trades with CLS in Japan
EUR/USD set for correction, but not a reversal – ABN AMRO
The firm expects some near-term profit taking, pushing EUR/USD towards 1.15
EM currencies to appreciate against dollar, says Wells Fargo
Emerging markets units could firm up as greenback experiences trend weakness
Lacklustre dollar will help EUR/USD climb – CBA
EUR/USD is expected to trade at $1.20 by mid-2018 and hit $1.30 on a longer time horizon
Malaysian central bank slams Ice and SGX over ringgit futures
Making them available offshore goes against foreign exchange rules, says Bank Negara Malaysia